Lodestar Battery Metals Corp. – a Canadian mining exploration company focused on the battery metals space – has announced a non-brokered flow-through private placement financing of 4,000,000 units (“Units”) at a price of $0.10 per Unit for total proceeds of $400,000 (the “Offering”).
“We are thankful for the support of our investors as we continue to advance the geochemical and geophysical work on our flagship Peny Project in Snow Lake, Manitoba,” said Lowell Kamin, CEO of Lodestar. “We believe raising the capital we need to execute on our strategic growth without depleting our treasury will ultimately drive long term value creation for our shareholders.”
Lowell added: “2022 has been a year of significant growth as we enhanced our leadership team, repositioned our Company to focus on battery metals, and rebranded our business. As we look ahead, we are focused on: maximizing the geographic expansion and exploration of our Peny Project; identifying and pursuing strategic acquisitions; continuing to strengthen our balance sheet; and enhancing our investor relations program to increase visibility and shareholder engagement. We are ending the year in a strong position and thank our shareholders for their ongoing support.”
Each Unit will consist of one “flow-through” common share (each, a “Common Share”); and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to purchase a Common Share at an exercise price of $0.15 for a period of three years from the date of issue.
The securities under the Offering will be subject to restrictions on resale expiring four months and day after issue. The Company may pay registered finders a fee in cash and/or share purchase warrants. The Company intends to use the gross proceeds of the offering for exploration activities at its Canadian lithium projects. The Offering is subject to acceptance of the TSX Venture Exchange.